• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.103-136
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• 2014

The covered interest rate parity condition (CIRP) has been widely used in open macroeconomic analysis, risk management, exchange rate forecasts, and so forth. Due to the recent global financial crises, there have been remarkable changes in the financial markets of the emerging markets. These changes possibly influenced the dynamics of the covered interest rate parity condition. In this paper, we investigate whether the CIRP dynamics has changed, and what is the nature of the regime changes. To do this, we propose and estimate multiple-state Markov regime switching models using a Bayesian MCMC method. Our estimation results indicate that the default risk or the deviation from the CIRP has been decreased after the crisis. It seems to be associated with the more active interaction between the short-term bond market and the short-term foreign exchange market than before. The tightened relation of these two financial markets is caused by the arbitrage transaction of foreign investors.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2010.04a
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• pp.74-75
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• 2010

국제교류의 증가와 물동량 증가에 따른 선박의 초대형화로 인해 각 나라의 항만들도 대형화되고 있다. 국내 항만들도 국제적인 추세에 따라 대형항만의 건설에 박차를 가하고 있다. 하지만 무분별한 항만 개발과 글로벌 경제위기로 인한 물동량 감소는 우리나라 중소형항만의 물동량이 감소하는 원인이 되었고, 이는 결국 항만시설 공급과잉 현상의 원인이 되었다. 이에 본 연구에서는 국내 중소형항만들의 공급과잉 현상을 극복하기 위한 방안들과, 중소형항만들의 발전전략을 제시하고자 한다.

• 한국벤처창업학회:학술대회논문집
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• 2019.11a
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• pp.157-159
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• 2019

최근 세계 주요국가들은 4차 산업혁명 시대의 새로운 도약의 기회이자 글로벌 금융위기 이후 경제발전 전략의 하나로 스타트업 생태계 발전을 가속화하고 있다. 한국 또한 새로운 일자리 창출과 경제성장의 핵심 원동력으로 스타트업 생태계 활성화에 주력하고 있으며, 이러한 시대적 흐름에 따라 창업금융의 중요성 또한 커져가고 있다. 이에 본 연구에서는 한국 스타트업 생태계의 현황과 문제점을 진단하고, 이러한 문제점 해결에 일조하기 위해 신용보증기금이 운용하고 있는 창업금융 프로그램중 퍼스트펭귄보증, 투자옵션부보증, Start-up Nest 등의 프로그램을 살펴본다. 이렇듯 구체적인 지원사례를 파악하고, 성과분석을 통해 해당 프로그램이 가진 장점과 추가로 보완할 점에 대해 명확히 인식하고 향후 창업금융의 발전방안 및 나아갈 방향을 모색하고자 한다.

• Economic Analysis
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• v.27 no.1
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• pp.1-36
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• 2021

Given the US dollar's status as a global safe haven, global factors, such as US monetary policy, may have considerable impacts on financial markets in other countries. Regarding such hypothesis, this paper looked at the impacts of US monetary policy on domestic bond and FX swap markets through an event study. According to our analysis, US monetary policy had significant positive impacts on domestic interest rates. In particular, it turned out to have bigger impacts on long-term products with high term premiums. By period, the correlation between US monetary policy and domestic interest rates was not significant before the financial crisis, but was clearly positive after the crisis. The US conventional monetary policy was seen to have big impacts on short-term and medium-term KTB yields, while its unconventional monetary policy had major impacts on long-term KTB yields. Moreover, FX swap rates reacted very sensitively to US monetary policy shocks before the financial crisis, while they did not show any significant reactions after the crisis. This suggests that, in line with the covered interest rate parity, the impact of US monetary policy shocks was transmitted to domestic financial markets mainly through swap rate adjustments before the global financial crisis, but through the changes in domestic interest rates during the post-crisis period.

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.375-384
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• 2022

The shipping industry is cyclically impacted by complex variables such as various economic indicators, social events, and supply and demand. The purpose of this study was to analyze the operating profit of 13 Korean liner companies over 30 years, including the financial crisis of the late 1990s, the global financial crisis of the late 2000s, and the COVID-19 global pandemic. This study was conducted to also identify factors that impacted the profit ratio of Korea's liner shipping companies according to economic conditions. It was divided into ocean-going and short-sea shipping, reflecting the characteristics of liner shipping companies, and was analyzed by hierarchical multiple regression analysis. The time series data are based on the Korean International Financial Reporting Standards (K-IFRS) and comprise seaborne trade volume, fleet evolution, and macroeconomic indicators. The outliers representing the economic downturn due to social events were separately analyzed. As a result of the analysis, the China Container Freight Index (CCFI) positively impacted ocean-going as well as short-sea liner shipping companies. However, the Korean container shipping volume only impacted ocean-going liners positively. Additionally, world and Korea's GDP, world seaborne trade volume, and fuel price are factored in the operating profit of short sea liner shipping. Also, the GDP growth rate of China, exchange rate, and interest rate did not significantly impact both groups. Notably, the operating profitability of Korea's liner shipping shows an exceptionally high rate during the recessions of 1998 and 2020. It is paradoxical, and not correlated with the classical economic indicators. Unlike other studies, this paper focused on the operating profit before financial expenses, considering the complexity as well as difficulty in forecasting the shipping cycle, and rendered conclusions using relatively long-term empirical analysis, including three economic shocks.

• Korea Trade Review
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• v.42 no.4
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• pp.69-91
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• 2017

Since the global financial crisis, major countries have been executing policies related to two top-priority goals to create more jobs: revitalization of entrepreneur activity and the cultivation of small and medium-sized companies. In South Korea, the interest of policy makers is increasingly focusing on the role of SMEs that have a technological competitive edge in the realization of a "job-centered creative economy." Due to the nature of the field, the health and medical industry requires a particularly long time until the achievement of industrialization, Also, because of the complex distribution structure, it is essential for related government ministries and institutions to jointly devise strategies. A lack of policy supports for the industry has thus far resulted in its development being relegated for the most part of small and medium-sized companies, which consequently means low global competitiveness. Now is the time for the South Korean government to provide the revolutionary supported options and strategies. This study aims to propose a general policy direction and policy areas for the cultivation of Korea's small and medium-sized companies in the healthcare industry into global small giant companies through an exploration of the German case. It is crucial to first cultivate the international competitiveness of Korean small and medium-sized companies (as in the case of Germany) so that they can grow into global small giant companies. Another important task is the creation of an environment that expedites the qualitative growth of promising SMEs as well as technological development. After securing competitiveness in terms of both product quality and technology in the global health market, substantive policy supports will be necessary to cultivate global small giant companies that are export-based (e.g. job creation effect, sales value added).

• International Area Studies Review
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• v.14 no.3
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• pp.221-246
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• 2010

The paper is basically attempted to reveal a mechanism of exchange rate determination in global foreign exchange markets. For a theoretical framework, uncovered interest rate parity(UIRP), covered interest rate parity(CIRP), and real interest rate parity(RIRP) are tentatively adapted, and GARCH-M model is employed for an econometric methodology. Empirical evidence shows that the UIRP is superior to others, and the RIRP is better than the CIRP in explaining how exchange rates are determined in global exchange markets. All of them, however, is not fully supported by economic theories. Following Frankel(1989), country premium, volatility premium, and currency premium are evaluated to see if which premium is a crucial in disturbing the RIRP, and it is found that country and currency premiums are a major components in disturbing the RIRP. To this end, market-oriented and market-determined systems has to be built to avoid currency disputes which is undergoing hot issue in global foreign exchange market.

• The Journal of the Korea Contents Association
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• v.19 no.9
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• pp.242-253
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• 2019

There has been a large literature on bank liquidity risk since the 2008 global financial crisis because liquidity risk was at the heart of the crisis. However, there is no study that investigates whether the level of investor protection influences liquidity risk-taking behavior of banks. Therefore, this study aims to explore the relationship between investor protection and liquidity risk as well as to provide policy implications. Using a panel dataset of commercial banks in 21 OECD countries, we found that strong investor protection encourages banks to take lower liquidity risk. Furthermore, this positive role of shareholder protection is more prominent during a crisis, implying that legal protection of investors plays an essential role in bank stability while market discipline is largely ineffective due to extensive government guarantees in turbulent times.

• Journal of Industrial Convergence
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• v.20 no.10
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• pp.87-94
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• 2022

This paper seeks to raise inflection points of battery manufacturing bases in Korea in the V4 region through the reorganization of new industrial technologies in accordance with ESG. As a result, the global supply chain market is cut off. The Russian-Ukraine war and the U.S.-China hegemony are competing in the economic crisis caused by COVID-19. It is showing diversification of new suppliers in an environment where mineral, grain procurement, gas, and even wheat imports from China and Russia are not possible. As a protective glocal, this area is used as a buffer zone(Pro-Russia, Hungary). to an isolated zone(anti-Russia, Poland) by war. In this paper, economic growth is expected to slow further due to the EU tapering period and high inflation in world countries. Due to these changes, the conversion of new tech industry and the contraction of Germany's structure due to energy supply may lose the driving force for economic growth over the past 20 years. This is caused by market disconnection(chasm) in the nominal indicators in this area. On the other hand, Korea should actively develop into the V4 area as an energy generation export (nuclear and electric hydrogen generation) area as a bypass development supply area due to the imbalance in the supply chain of rare earth materials that combines AI. By linking this industry, the energy platform can be scaled up and reliable supply technology (next generation BT, recycling technology) in diversification can be formed in countries around the world. This paper proves that in order to overcome the market chasm caused by the industries connection, new energy development and platform size can be achieved and reliable supply technology (next-generation battery and recycling technology, Low-cost LFP) can be diversified in each country.

• Prospectives of Industrial Chemistry
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• v.14 no.4
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• pp.29-40
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• 2011

앞으로 글로벌 시장에 진입할 수 있는 작물보호 신물질 개발을 위해서는 기술 난이도가 크면서 파급성 및 경제성을 갖는 친환경 신규작용점 탐색과 독창적 Scaffold를 갖는 후보물질 또는 천연물소재 발굴에 주력해야 하며, 이를 지원하는 HTS, 화합물은행 및 천연물은행 활용 분자설계 및 최적화 합성기술 등 후보물질 발굴 핵심 기술개발에 국가적인 지원이 지속적이고 장기간에 걸쳐 이루어져야 한다. 고품질의 식량생산 관리기술은 물론 석유대체 에너지 확보를 위한 농작물 바이오매스(작물, 사료, 바이오연료 등) 생산관리기술로서, 그린바이오기반(Target 효소, 천연물소 재탐색응용) 저탄소 녹색성장을 실현시키기 위한 친환경적인 생화학 작물보호제 개발이 필요하다. 또한 인구 증가와 유가상승 등 전 세계적인 경제위기 극복과 이산화탄소 증가에 따른 온난화 등 지구환경보존의 중요성이 크게 증가되면서 안전한 먹거리 생산과 환경오염을 최소화하는 지속적 생산체제를 갖추기 위하여 LOHAS (Lifestyle Of Health And Sustainability) 트랜드가 최근 농업의 화두로 떠오르고 있다. 이를 만족시키기 위하여 OECD를 중심으로 하는 선진 국가들은 기존 작물보호제의 사용을 5년 이내에 현재 사용량의 절반 이하로 감소시키고자 하고 있는데, 특히 지속적 재배와 국민건강 보호를 위한 LOHAS 농작물의 생산이 매년 50-100억불로 성장하고 있다. 이러한 추세는 2017년까지 그 성장세가 계속 지속될 것으로 예상되고 있어 미생물/생화학 중심의 바이오작물보호제의 개발은 LOHAS 트랜드를 충족시킬 수 있는 유력한 수단으로 인식되고 있다.